After teasing the $8,000 mark a couple of times last week Bitcoin is solidly in $8,000 territory with a $9,000 price point on the horizon. For all the naysayers and doubters let’s look back to the events of just a week ago when Bitcoin “collapsed” to roughly $5500 on the news that Bitcoin Cash was gaining ground in cryptocurrency. All told Bitcoin rebounded by nearly 50% to fresh all time highs.
While Bitcoin Cash remains viable the blistering blast of Bitcoin values smashing through all previous records earns center stage.
While there is no end of speculation as to which new cryptocoin will emerge as “the next big thing” there is even more speculation and common concurrence that Bitcoin itself remains that next big thing. And growing bigger every day. Bitcoin’s price dip last weekend came after a proposed upgrade to the bitcoin network, SegWit2x, which was planned for November 16, was called off leading to something of a Bitcoin rebellion whereby many cryptocin enthusiasts switched to Bitcoin Cash. The original purpose of the hard fork was to increase the transaction speeds of bitcoin by upgrading from 1MB to 2MB blocks as 1MB blocks are seen as too cumbersome given the sheer volume of transactions which seem to be experiencing increasing back ups to work flow.
Meanwhile, there has been a slew of positive news which has supported the bitcoin price such as Square’s announcement of allowing Bitcoin trades in their app. Then there’s the favorable adoption of Bitcoin in swaths in Africa and in Japan which has counterbalanced clampdowns from regulators in countries including China and South Korea.
CME CEO Terry Duffy told CNBC that the futures product could be available by the second week of December. It would not surprise us to see Bitcoin blast straight through $9,000 and into $10,000 territory by the beginning of 2018.
